mini-tender offer

An offer to purchase less than 5% of a company's stock. Investors are at greater danger in a mini-tender offer because it is not subject to many of the SEC disclosure and procedural protections that apply to traditional tender offers. For example, tendering shares in a mini-tender offer generally means an investor cannot change his or her mind even though the tender has not closed.

The Securities and Exchange Commission (SEC) has recommended that shareowners solicited in mini tender offers exercise caution in connection with these offers and has issued an investor alert, available on the SEC's website at http://www.

The SEC says that mini tender offers for less than 5% of a company's stock "have been increasingly used to catch investors off guard" and that investors "may end up selling their securities at below market prices.

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